资本深化、研发创新对企业技术进步的影响研究——异质门槛效应视角
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摘要
基于我国上市企业2011～2016年的面板数据,在考虑资本深化因素的基础上,本文采用门槛回归技术实证分析了研发创新对企业技术进步的非线性影响,并进一步揭示其异质门槛特征。结果表明:研发创新投入对企业技术进步的影响存在显著的门槛效应,其过程受限于资本深化程度的差异,资本深化程度不足和过度都会阻碍研发投入对技术进步的促进作用。另外,研发创新投入对企业技术进步的非线性影响存在明显的行业、所有制及区域异质性特征。因此,实施差异化的研发政策、提高研发资源管理能力及控制资本深化程度应是促进企业技术进步的有效措施。
Based on 2011 ～ 2016 panel data of listed companies in China,and the degree of capital deepening by using threshold regression model,this paper empirically analyzes R&D inputs' nonlinear effect and the heterogeneous factors on the technological progress of the enterprise. The results show that: R&D inputs have significant threshold effects on the technological progress of the enterprise and this effect is restricted to the degree of capital deepening. Insufficient and excessive degree of capital deepening impede the role of R&D inputs in the promotion of technological progress. In addition,the nonlinear impact of R&D inputs on the technological progress of the enterprise has obvious heterogeneous characteristics in industry,ownership and region. Therefore,it is an effective measure to promote the technological progress of the enterprise by implementing the differential R&D policy,improving the management ability of R&D resources and controlling the degree of capital deepening.
Based on 2011 ～ 2016 panel data of listed companies in China,and the degree of capital deepening by using threshold regression model,this paper empirically analyzes R&D inputs' nonlinear effect and the heterogeneous factors on the technological progress of the enterprise. The results show that: R&D inputs have significant threshold effects on the technological progress of the enterprise and this effect is restricted to the degree of capital deepening. Insufficient and excessive degree of capital deepening impede the role of R&D inputs in the promotion of technological progress. In addition,the nonlinear impact of R&D inputs on the technological progress of the enterprise has obvious heterogeneous characteristics in industry,ownership and region. Therefore,it is an effective measure to promote the technological progress of the enterprise by implementing the differential R&D policy,improving the management ability of R&D resources and controlling the degree of capital deepening.
引文
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[14]朱轶,吴超林.中国工业资本深化的区域特征与就业效应———兼论分权体制下资本深化态势的应对[J].南开经济研究,2010,(5):125-139.
[15] Liang H,Zhang Z. The effects of industry characteris-tics on the sources of technological product and processinnovation[J]. Journal of Technology Transfer,2012,37(6):867-884.
[16] Hall B H,Jaffe A,Trajtenberg M. Market value andpatent citations[J]. RAND Journal of Economics,2005,36(1):16-38.
[17] Hu A,Jefferson G H. A great wall of patents:what isbehind China’s recent patent explosion[J]. Journal ofDevelopment Economics,2009,90(1):57-68.
[18]赵传仁,韩先锋,宋文飞.研发投资对企业技术进步影响的异质门槛效应[J].中国科技论坛,2016,(9):85-89.
[19] Penrose E. Theory of the growth of the firm[J]. Journalof the Operational Research Society,1959,23(2):240-241.
[20]袁建国,后青松,程晨.企业政治资源的诅咒效应———基于政治关联与企业技术创新的考察[J].管理世界,2015,(1):139-155.
[21]鲁晓东,连玉君.中国工业企业全要素生产率估计:1999-2007[J].经济学(季刊),2012,11(2):541-558.
[22] Hansen B E. Sample splitting and threshold estimation[J]. Econometrica,2000,68(3):575-603.
[23]王芸,王中超.多群组结构方程模型视角下的智力资本与企业创新绩效关系研究———来自江西省工业园区企业的调查数据[J].南昌大学学报(人文社会科学版),2017,(3):72-78.
[2] Sharma C. R&D and firm performance:evidence fromthe Indian pharmaceutical industry[J]. Journal of theAsia Pacific Economy,2012,17(2):332-342.
[3]周亚虹,贺小丹,沈瑶.中国工业企业自主创新的影响因素和产出绩效研究[J].经济研究,2012,(5):107-119.
[4]叶静怡,林佳.创新与企业全要素生产率———来自中国制造业企业的证据[J].学习与探索,2016,(5):105-111.
[5] Quo B,Wang Q Z,Shou Y Y. Firm size,R&D,andperformance:an empirical analysis on software industryin China[A]. International Engineering ManagementConference[C]. IEEE,Singapore,2004.
[6]陈刚. R&D溢出、制度和生产率增长[J].数量经济技术经济研究,2010,(10):64-77.
[7]张玉臣,杜千卉.高新技术企业研发投入失效现象及成因分析[J].科研管理,2017,38(S1):309-316.
[8] Lin B,Lee Y,Hung S. R&D intensity and commercial-ization orientation effects on financial performance[J].Journal of Business Research,2006,59:679-685.
[9] Fernandes A M. Firm productivity in Bangladesh manu-facturing industries[J]. World Development,2008,36(10):1725-1744.
[10] Wang C H. Clarifying the effects of R&D on performance:evidence from the high technology industries[J]. AsiaPacific Management Review,2011,16(1):51-64.
[11]戴小勇,成力为.财政补贴政策对企业研发投入的门槛效应[J].科研管理,2014,35(6):68-76.
[12]董明放,韩先锋.研发投入强度与战略性新兴产业绩效[J].统计研究,2016,33(1):45-53.
[13]王惠,王树乔,苗壮,等.研发投入对绿色创新效率的异质门槛效应———基于中国高技术产业的经验研究[J].科研管理,2016,37(2):63-71.
[14]朱轶,吴超林.中国工业资本深化的区域特征与就业效应———兼论分权体制下资本深化态势的应对[J].南开经济研究,2010,(5):125-139.
[15] Liang H,Zhang Z. The effects of industry characteris-tics on the sources of technological product and processinnovation[J]. Journal of Technology Transfer,2012,37(6):867-884.
[16] Hall B H,Jaffe A,Trajtenberg M. Market value andpatent citations[J]. RAND Journal of Economics,2005,36(1):16-38.
[17] Hu A,Jefferson G H. A great wall of patents:what isbehind China’s recent patent explosion[J]. Journal ofDevelopment Economics,2009,90(1):57-68.
[18]赵传仁,韩先锋,宋文飞.研发投资对企业技术进步影响的异质门槛效应[J].中国科技论坛,2016,(9):85-89.
[19] Penrose E. Theory of the growth of the firm[J]. Journalof the Operational Research Society,1959,23(2):240-241.
[20]袁建国,后青松,程晨.企业政治资源的诅咒效应———基于政治关联与企业技术创新的考察[J].管理世界,2015,(1):139-155.
[21]鲁晓东,连玉君.中国工业企业全要素生产率估计:1999-2007[J].经济学(季刊),2012,11(2):541-558.
[22] Hansen B E. Sample splitting and threshold estimation[J]. Econometrica,2000,68(3):575-603.
[23]王芸,王中超.多群组结构方程模型视角下的智力资本与企业创新绩效关系研究———来自江西省工业园区企业的调查数据[J].南昌大学学报(人文社会科学版),2017,(3):72-78.